It says something about the current world that a new economic indicator is about to be unleashed by the Bank of England and it basically tells you whether banks have been doing what they are supposed to do — lend.
The first Trends in Lending report is due out on April 21 at 0830 GMT. Always nice to have a new indicator, but this one may get a bit more attention than would have been the case a few years ago. It is designed to provide up-to-date information about bank lending to households and businesses.
Consumer groups, regulators trade bodies, the BoE, the UK government and lenders themselves will draw up the report under the rubric of something called The Lending Panel – which a cruel cycnic might say sounds a bit like a high-interest loan shop.
Clearly, the purpose of the report is to show whether banks have been passing on the ultra-low interest rates that the BoE has been handing out. What do you think it will show?